FINSAC Commission Archives now available to the public

The Ministry of Finance today published the information gathered during the public hearings conducted by the FINSAC Commission, which was established to ascertain activities that led to the collapse of Jamaica's financial sector in the 1990s.

More than $160 million has been spent on the commission to produce a report.

The information was gathered over a 10-year period beginning in 2009, but challenges resulted in the commission's discontinuation.

The information gathered was subsequently handed over to the ministry in 2019.

Finance minister Dr Nigel Clarke said releasing the information should serve as a lesson to Jamaica of what must never happen again.

“One of the most critical factors for economic stability is financial sector stability and as such regulation has to keep pace with the innovation in the sector,” Clarke noted at the launch of the FINSAC Commission Archives at Jamaica Pegasus Hotel in New Kingston.

Clarke said the twin-peak regulation being prepared by the finance ministry is critical to Jamaica's financial sector stability going forward, given the complexion makeup and structure where financial conglomerates control 90 per cent of assets.

“Financial sector regulation must continue to be free of undue influence. Regulators must be completely empowered to do their work with a transparent appeals process that exists that does not involve the political class. That is critical for Jamaica's long-term future,” said Clarke.

The FINSAC Commission Archives may be accessed at https://www.mof.gov.jm/finsac-commission-archives.

- Kimone Francis

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